Great Southern Bank Term Deposit Account
Plan your financial future by locking down your money in a competitive, fixed-rate term deposit with Great Southern Bank.
You'll know ahead of time what the return on your investment will be with a fixed-rate term deposit from Great Southern Bank, helping you plan and meet future savings goals. The terms of the account are also really flexible; you can choose a term length from one month to five years, and you can get started from just $5,000.
|Product Name||Great Southern Bank Term Deposit Account|
|3 month interest rate||0.50%|
|4 month interest rate||0.50%|
|6 month interest rate||0.50%|
|7 month interest rate||0.50%|
|9 month interest rate||0.50%|
|12 month interest rate||0.65%|
|24 month interest rate||0.65%|
|36 month interest rate||0.65%|
|48 month interest rate||0.65%|
|60 month interest rate||0.65%|
|Minimum Opening Deposit||$5,000|
|Minimum Age Requirement||18|
|The rates displayed above are interest rates paid at maturity only. We endeavour to ensure that the information on this site is current and accurate but you should confirm any information with the product or service provider and read the information they can provide.|
No monthly account keeping fees
No account keeping fees will be deducted from your balance.
Terms from one month to five years
This account offers a huge range of term lengths to choose between, from just one month to five years.
Minimum deposit of $5,000
In order to invest in a term deposit with Great Southern Bank you must make a minimum deposit of $5,000.
Competitive interest rates
The fixed competitive rates are tiered to give you the highest rate of return when you choose longer terms.
Interest paid monthly, annually or at maturity
You have the option of having interest paid to you monthly, annually or at maturity. However if you do choose monthly interest payments the fixed interest rate will be decreased. All interest payments with the exception of those made at maturity will be paid into a separate account nominated by you.
Platinum Plus Club members
Customers over the age of 55 can see a higher rate of return on their term deposit of one to three years.
You will be notified when your term is about to reach maturity and asked for instructions on how to proceed with your account. If you don't provide Great Southern Bank with further instruction your terms will be rolled over into a new one for the same length of time but at the current interest rate. You are given a 14 day grace period where you can contact Great Southern Bank and make changes or additional deposits to the new account.
How to applyIf you've compared your options and believe the Great Southern Bank Term Deposit is right for you, you can open an account online in less than 15 minutes. If you're not a Great Southern Bank customer you'll need to become a member before you can open an account. But don't worry, this will be done for you when you submit your application for this product.
Before you begin the application, make sure you meet the following eligibility requirements and have the necessary documents ready.
- Minimum age. Only applicants aged 18 or older will be allowed to open a term deposit.
- Residency requirements. This account is only available for permanent Australian residents.
- Depository requirements. A minimum deposit of $5,000 is required. Your account will be activated immediately if you have that amount ready for transfer in an existing Great Southern Bank bank account.
- Tax file number. With interest earning accounts, Great Southern Bank is obligated to withhold tax on the earnings. To ensure that this is done at the correct rate, they will ask for your tax file number (TFN) or exemption code. You are under no obligation to provide this information, but if you don't, tax will be applied at the highest marginal rate.
- Identification. Information from your passport, driver's licence or Medicare card will be used to verify your identity.
- Account details. If you are planning on using an account that is not held by Great Southern Bank to make deposit transfers out of and interest payments into, you will need to provide the account number, BSB and account name in order for that money to be transferred.
What happens after I submit my application?
As soon as Great Southern Bank receives the initial deposit for your account, it will be activated and begin earning interest. You will also be issued a certificate that outlines the terms and conditions of your term deposit.